Unity Biotechnology(US:UBX)2024-11-04 21:31Financial Performance - The net loss for the three months ended September 30, 2024, was $6,481,000, compared to a net loss of $14,782,000 for the same period in 2023, representing a 56.1% improvement[14]. - The company reported a comprehensive loss of $6,407,000 for the three months ended September 30, 2024, compared to a comprehensive loss of $14,701,000 for the same period in 2023[14]. - The company reported a net loss of $17.6 million for the nine months ended September 30, 2024, compared to a net loss of $35.5 million for the same period in 2023, representing a 50.5% improvement[20]. - The net loss per share, basic and diluted, for the three months ended September 30, 2024, was $(0.38), compared to $(1.01) for the same period in 2023[14]. - The company reported a net loss of $6,481,000 for the three months ended September 30, 2024, compared to a net loss of $14,782,000 for the same period in 2023[76]. Operating Expenses - Total operating expenses for the three months ended September 30, 2024, were $6,602,000, a decrease of 54.7% compared to $14,581,000 for the same period in 2023[14]. - Research and development expenses for the nine months ended September 30, 2024, were $9,971,000, down 40.9% from $16,828,000 in the same period of 2023[14]. - Total operating expenses for the three months ended September 30, 2024, were $6,602,000, down from $14,581,000 in the same period last year, indicating a 55% reduction[14]. - Research and development expenses for the three months ended September 30, 2024, were $56,000, compared to $405,000 for the same period in 2023[73]. - General and administrative expenses for the three months ended September 30, 2024, were $741,000, down from $1,300,000 in the same period of 2023[73]. Cash Flow and Liquidity - Total cash flows used in operating activities for the nine months ended September 30, 2024, were not detailed but are critical for assessing liquidity[19]. - Cash used in operating activities decreased to $15.0 million for the nine months ended September 30, 2024, from $29.5 million in the same period of 2023, indicating a 49.1% reduction[23]. - As of September 30, 2024, the company had cash, cash equivalents, and marketable securities totaling $29.0 million, which is projected to be insufficient to fund its current business plan for at least the next 12 months[24]. - The company reported a net decrease in cash and cash equivalents of $10.9 million for the nine months ended September 30, 2024[20]. - The company had cash, cash equivalents, and restricted cash of $9.8 million at the end of the period, compared to $8.8 million at the same time last year[20]. Stockholder Equity - The company had total stockholders' equity of $14,144,000 as of September 30, 2024, down from $28,398,000 at the end of 2023[15]. - The company had an accumulated deficit of $501.9 million as of September 30, 2024, up from $484.4 million at the end of 2023[23]. - The total stockholders' equity as of September 30, 2024, was $14,144,000, a decrease from $28,398,000 at the end of 2023[15]. - The company has 16,850,350 shares of common stock issued and outstanding as of September 30, 2024, compared to 16,784,969 shares at December 31, 2023[58]. Financing Activities - The company plans to raise additional capital to finance its operations, as it continues to incur operating losses and negative cash flows[24]. - The company has financed its operations primarily through private placements and public equity issuances, and will continue to depend on equity and/or debt financing[23]. - The company received gross proceeds of $4.4 million from the exercise of Existing Warrants by holders[68]. - The company recorded stock-based compensation expense of $797,000 for the three months ended September 30, 2024, down from $1.7 million in 2023, indicating a 53% decrease[73]. - The company reported stock-based compensation of $3.2 million for the nine months ended September 30, 2024, down from $6.1 million in the same period of 2023[20]. Lease and Sublease Agreements - The total operating lease liability was $24.4 million as of September 30, 2024, down from $27.0 million as of December 31, 2023[47]. - Sublease income from Initial Therapeutics for the three months ended September 30, 2024, was $0.9 million, compared to $0.4 million for the same period in 2023, representing a 125% increase[51]. - The Company has total future minimum lease payments of $28.6 million, with a present value of $24.4 million as of September 30, 2024[54]. - The Company entered into a sublease agreement with Initial Therapeutics for an additional 17,000 square feet at a monthly rent of $1.00 per square foot, increasing to $6.02 per square foot starting July 1, 2024, with a 3.5% increase in 2025[51]. - Total lease expense for 2024 was $118,000, down from $157,000 in 2023, while sublease income increased from $(976,000) in 2023 to $(1,067,000) in 2024[52].